ZOOZ Power announces first site in the US, where fast-charging for EVs is supported by the ZOOZTER™-100

TEL AVIV, Israel, Sept. 12, 2023 /PRNewswire/ -- ZOOZ Power (TASE: ZOOZ), a leading provider of flywheel-based power boosting solutions for the EV charging infrastructure market, announces the successful installation and initiation of a fast-charging station for electric vehicles (EVs), supported by ZOOZ's power booster, the ZOOZTER™-100, at a Scotchman gas station and convenience store, operated by a subsidiary of ARKO Corp., in Rock Hill, South Carolina.

This fast charging station, supported by the ZOOZTER™-100, ZOOZ's innovative kinetic (flywheel-based) Power Booster, was established and will be operated as part of a joint pilot with ARKO Corp. one of the largest convenience store operators in the US, and in cooperation with ABM, a leader in eMobility design, installation, and maintenance solutions.

ZOOZ Power and its partners have successfully completed the Site Acceptance Tests (SAT) on Thursday, September 7th, 2023, and a run-in period of several weeks began. During this period, the charging station will operate commercially and will allow fast charging services to owners of electric vehicles visiting the site, while the Company and its partners will monitor the site, ensuring proper operation of the charging station.

Boaz Weizer, ZOOZ Power's Chief Executive Officer, commented: "We are proud to have the first commercially operational site in North America and demonstrate our innovative Power Booster, the ZOOZTER™-100, enabling ultra-fast charging of electric vehicles, while overcoming the grid's power-limitations. This is a significant milestone as we accelerate our penetration into the U.S. market. I would like to congratulate the wonderful ZOOZ team and to thank our partners at ARKO Corp., one of the largest U.S. convenience store operators, and ABM, who worked with us over the last year to achieve this milestone.

We recently announced a pilot installation at New York's LaGuardia Airport and additional pilot projects with the New York Power Authority and a large car rental agency. Our collaboration with reputable large-scale U.S.-based companies strengthens our position as the industry's trailblazer."

In the coming years, the U.S. mobility market is expected to experience an accelerated adoption of electric vehicles, supported by the tailwind of the federal government plans to push forward the transition to electric vehicles and enhance the establishment of widespread charging infrastructure for EVs.

ZOOZ Power intends to use the site, in Rock Hill, SC, for demonstrations of a first-of-its-kind charging station in North America, where the Company will be presenting its "green" kinetic Power Booster, the ZOOZTER™-100, geared to enable ultra-fast charging, even in locations where the grid is power-constrained.

Forward Looking Statements

The information set forth above regarding the duration of the Pilot, success of the Pilot, and/or sales or agreements that may be based on the Pilot and the expected accelerated adoption of electric vehicles in the US mobility market in the coming years constitutes "Forward-looking Information" as defined in the Securities Law, 5728-1968, based on the Company's assessments of future developments and events whose date of occurrence, if any, is uncertain and is not under the control of the Company. These assessments may not materialize, in whole or in part, or may be realized differently than assessed by the Company as a result of various factors, including the realization of any of the Company's risk factors listed in section 1.3.36 in the chapter describing the corporation's business in the Company's 2022 Report.

About ZOOZ Power Ltd.

ZOOZ is a leading provider of flywheel-based power-boosting solutions enabling ultra-green, ultra-fast electric vehicle charging anywhere. ZOOZ is committed to eliminating range anxiety and helping to accelerate the mass adoption of electric vehicles around the world. ZOOZ's goal is to enable the vast roll-out of cost-effective ultra-fast charging infrastructure while overcoming existing grid limitations. Based on its innovative flywheel technology, ZOOZ pioneers the use of kinetic energy storage, as a power boosting solution supporting ultra-fast EV charging infrastructure. ZOOZ's products are built with longevity and the environment in mind, helping its global customers and partners create highly sustainable, reliable, long-lasting, and cost-effective fast-charging solutions.

ZOOZ Power is in the process of a business combination with Keyarch, a special purpose acquisition company. Following the closing of the transaction, ZOOZ is expected to be publicly listed on Nasdaq under the symbol "ZOOZ" and will remain listed on the Tel Aviv Stock Exchange ("TASE"). After the closing, the merged company will continue to be called ZOOZ Power Ltd. The closing is expected to occur in the fourth quarter of 2023 and is subject to applicable closing conditions.

For more information: www.zoozpower.com/

Contact:
Tal Fridkin
+972523474386
Tal.fridkin@zoozpower.com

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SOURCE ZOOZ Power